The oversubscribed raising, which includes a cornerstone investment from a global sovereign wealth fund, is expected to fund development of the platform’s first 1700 apartments across projects in Sydney and Melbourne.
Banking and Finance partners Philip Chester and Damien Cuddihy led the transaction with Property & Development partner Dorian Henneron. They were assisted by senior associate Genevieve Pope, and lawyers Natalie Thomas and Tamsen Kempster.
Damien Cuddihy commented: “We were delighted to work with Gurner™ and Qualitas on this significant partnership, which will enable them to take advantage of increasing opportunities in the emerging build-to-rent sector.”
As reported in the Australian Financial Review, the first project to launch will be the recently announced $450 million 385-unit development at 12 Hassall Street, Parramatta which was purchased by the joint venture partners earlier this month. “We have an ambitious plan for what we want to achieve in the build-to-rent space, and look forward to focusing on delivering a product that will provide a genuine point of difference to the sector,” Tim Gurner, founder of Gurner™ said.
Mark Fischer, Qualitas global head of real estate also commented: “We are seeing global institutional investors increasingly allocating capital to investment strategies supported by these themes.”
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